RBI monetary policy: Key highlights

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Following are the highlights of the third bi-monthly monetary policy statement of 2018-19 issued today by the Reserve Bank of India: 

# RBI hikes key interest rate (repo) by 25 bps to 6.5 per cent;

# It is 2nd consecutive hike in short-term lending rate;

# Consequently, reverse repo rate stands at 6.25 per cent;

# New marginal standing facility rate is 6.75 per cent;

# Monetary policy stance to remain neutral;

# GDP growth seen at 7.5-7.6 per cent for April-September period; 

# GDP growth projection retained at 7.4 per cent for 2018-19;

# Retail inflation pegged at 4.8 p er cent for second half of current fiscal;

# 5 MPC members voted in favour of rate hike, one against;

# Next 3-day MPC meeting from Oct 3;

# 4th bi-monthly monetary policy statement on Oct 5;

# RBI to make minutes of today's meeting public on Aug 16.